Majority of growth came from beyond top 10 clients: Infosys CEO SD Shibulal

BANGALORE: India 's second-ranked software exporter Infosys, whose third-quarter results beat analyst expectations, said a large part of its growth came from outside it top 10 clients.

The company, which grew 4.2% organically and kept its fiscal revenue growth guidance to about 5%, bagged around eight large deals amounting $731 million (about Rs 4,000 crore).

Infosys added 89 clients, including 36 clients through recently acquired Lodestone, during the quarter. This took the total number of active clients to 776. The products and platform division won around 14 new contracts.

However, there was a decline in revenue contribution from the top 5 and top 10 clients. The top 10 clients accounted for 23.9% of the business, unlike 25.4% in the previous quarter. Infosys added one client in the $90 million and $100 million bucket each.

"Decline in the revenues from top clients is not a secular trend. We would see an increase in the share in the coming quarter, as the clients open up new budgets," CEOSD Shibulal said. "Also, revenue from the top 10 clients has remained higher than the company average in last five-six quarters."